Sit Investment Associates Inc. Invests $23.39 Million in Conagra Brands Inc (CAG) Stock
Sit Investment Associates Inc. bought a new position in Conagra Brands Inc (NYSE:CAG) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 620,975 shares of the company’s stock, valued at approximately $23,392,000.
Other large investors have also recently made changes to their positions in the company. Synovus Financial Corp raised its position in shares of Conagra Brands by 52.9% in the 3rd quarter. Synovus Financial Corp now owns 13,585 shares of the company’s stock worth $458,000 after acquiring an additional 4,701 shares in the last quarter. Keeley Teton Advisors LLC raised its position in shares of Conagra Brands by 21.4% in the 3rd quarter. Keeley Teton Advisors LLC now owns 62,218 shares of the company’s stock worth $2,099,000 after acquiring an additional 10,967 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Conagra Brands by 482.0% in the 3rd quarter. Victory Capital Management Inc. now owns 289,392 shares of the company’s stock worth $9,764,000 after acquiring an additional 239,667 shares in the last quarter. Norinchukin Bank The raised its position in shares of Conagra Brands by 10.3% in the 3rd quarter. Norinchukin Bank The now owns 30,938 shares of the company’s stock worth $1,044,000 after acquiring an additional 2,886 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Conagra Brands by 33.4% in the 3rd quarter. Sei Investments Co. now owns 203,639 shares of the company’s stock worth $6,870,000 after acquiring an additional 50,960 shares in the last quarter. 78.88% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on CAG shares. Royal Bank of Canada reissued a “buy” rating and issued a $45.00 target price on shares of Conagra Brands in a research report on Friday, September 29th. Stifel Nicolaus increased their target price on Conagra Brands from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, December 22nd. Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, November 22nd. Jefferies Group reaffirmed a “buy” rating and set a $40.00 price objective on shares of Conagra Brands in a research report on Tuesday, October 3rd. Finally, Credit Suisse Group set a $40.00 price objective on Conagra Brands and gave the company a “hold” rating in a research report on Monday, December 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Conagra Brands currently has an average rating of “Buy” and an average price target of $40.95.
In other Conagra Brands news, EVP Colleen Batcheler sold 120,451 shares of Conagra Brands stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $37.50, for a total value of $4,516,912.50. Following the completion of the sale, the executive vice president now owns 211,514 shares of the company’s stock, valued at approximately $7,931,775. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Robert G. Wise sold 23,170 shares of Conagra Brands stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $37.87, for a total value of $877,447.90. Following the completion of the sale, the senior vice president now directly owns 51,859 shares of the company’s stock, valued at approximately $1,963,900.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 287,990 shares of company stock valued at $10,382,810. 0.79% of the stock is owned by corporate insiders.
Conagra Brands Inc (NYSE:CAG) traded down $0.13 during mid-day trading on Wednesday, reaching $37.39. The company had a trading volume of 3,310,700 shares, compared to its average volume of 3,217,700. Conagra Brands Inc has a one year low of $32.16 and a one year high of $41.68. The company has a current ratio of 1.11, a quick ratio of 0.54 and a debt-to-equity ratio of 0.86. The company has a market cap of $14,810.00, a price-to-earnings ratio of 22.26, a PEG ratio of 2.88 and a beta of 0.37.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, December 21st. The company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.03. Conagra Brands had a return on equity of 19.58% and a net margin of 9.04%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter last year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. equities research analysts predict that Conagra Brands Inc will post 1.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Tuesday, January 30th will be given a dividend of $0.213 per share. This represents a $0.85 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Monday, January 29th. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s dividend payout ratio (DPR) is 50.60%.
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About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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